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on research and analysis of the graphite market. Yuan has over three years of experience in the mining and metals industry, specialising in cost modelling, supply, demand and price forecasting. Yuan holds a BSc in Economics from London School of Economics and Political Science and MSc in Energy, Trade and Finance from the Baynes Business School. She previously worked in the financial industry before shifting focus to base metals and lithium-ion battery supply chains.","65b151ec-bddc-4fc2-a7e6-d9ae986a9891",{"id":551,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":552,"copyright":547,"fieldtype":553,"meta_data":554,"is_external_url":50},153364895662428,"https://a.storyblok.com/f/287943243085208/3253x4066/726919227e/yuan-2024.jpg","asset",{},"https://www.linkedin.com/in/yuangu313/","author","Senior Analyst - Graphite","Graphite",[],[],[562,729],{"id":563,"uuid":564,"name":565,"slug":566,"full_slug":567,"content":568},166176741934683,"eb1c4eb8-2493-4dd3-a449-e2dcff7d1b71","Growing silicon-based anode market share to 2035 to reflect nickel-based cell growth ","growing-silicon-based-anode-market-share-to-2035-to-reflect-nickel-based-cell-growth","article/growing-silicon-based-anode-market-share-to-2035-to-reflect-nickel-based-cell-growth",{"_uid":569,"date":570,"tags":571,"editor":578,"content":588,"excerpt":695,"featured":51,"reporter":696,"component":709,"seo_title":710,"categories":711,"visibility":720,"data_vis_image":721,"featured_image":723,"seo_description":727,"formattedDate":728},"77029775-b47f-4975-8dde-99cd43a44a12","2026-04-15 00:00",[572,575],{"slug":573,"name":574},"data-visualisation","Data Visualisation",{"slug":576,"name":577},"visual-capitalist","Visual Capitalist",[579],{"slug":580,"name":581,"content":582},"benjamin-roche","Benjamin Roche",{"job_title":583,"image":584,"bio":586,"linkedin":587},"Editor – Energy Transition Supply Chains",{"filename":585},"https://a.storyblok.com/f/287943243085208/800x800/66d6674fb8/benjamin-roche.png","Benjamin is Benchmark's Editor for Energy Transition Supply Chains, covering both upstream products like critical minerals and downstream products including energy storage systems and electric vehicles. He has previous experience covering trade flows, tariffs and the effects of geopolitics on supply chains.","https://www.linkedin.com/in/benjaminrochecontent/",{"type":589,"content":590},"doc",[591,614,624,629,634,639,652,657,662,680],{"type":592,"attrs":593,"content":594},"paragraph",{"textAlign":49},[595,598,606,608],{"text":596,"type":597},"The share of anode supply that includes silicon is expected to grow to over four times its 2022 level by 2035, according to the ","text",{"text":599,"type":597,"marks":600},"Benchmark Anode Service",[601],{"type":602,"attrs":603},"link",{"href":604,"uuid":49,"anchor":49,"target":49,"linktype":605},"https://www.benchmarkminerals.com/anode","url",{"text":607,"type":597},". By then, anode active materials containing silicon are forecast to account for 20% of AAM supply on a GWh basis. ",{"text":609,"type":597,"marks":610}," ",[611],{"type":612,"attrs":613},"textStyle",{"color":547},{"type":615,"attrs":616,"content":618},"heading",{"level":617,"textAlign":49},1,[619],{"text":620,"type":597,"marks":621},"What are silicon-based anodes?",[622],{"type":623},"bold",{"type":592,"attrs":625,"content":626},{"textAlign":49},[627],{"text":628,"type":597},"Traditional anodes are made from graphite, which is limited by the requirement for six carbon atoms per lithium ion. Silicon, by contrast, can store over four lithium ions per atom allowing for higher energy density as well as potentially faster charging times.",{"type":592,"attrs":630,"content":631},{"textAlign":49},[632],{"text":633,"type":597},"However, as silicon expands up to 300% upon lithiation, this can damage the anode structure. As such, anode producers can blend small quantities of silicon into graphite to give some of the performance gains. These so-called graphite-silicon anodes contain up to 10% silicon by weight and are forecast to account for 12.5% of anode supply on a GWh basis by 2035. Several automakers already use anode materials with small quantities of silicon blended in.",{"type":592,"attrs":635,"content":636},{"textAlign":49},[637],{"text":638,"type":597},"To surpass 10%wt requires greater chemical design. These are silicon-engineered materials and the most advanced can reach 100% silicon content. Such engineered materials are forecast to account for 2.9% of anode supply by 2035, and will require significant technological and processing challenges to be overcome before reaching widespread commercialisation.",{"type":615,"attrs":640,"content":641},{"level":617,"textAlign":49},[642,648],{"type":643,"attrs":644},"image",{"id":645,"alt":547,"src":646,"title":547,"source":547,"copyright":547,"meta_data":647},166177270172756,"https://a.storyblok.com/f/287943243085208/1200x2059/3099152efb/silicon-anode.jpg",{},{"text":649,"type":597,"marks":650},"LFP dominance limits demand potential",[651],{"type":623},{"type":592,"attrs":653,"content":654},{"textAlign":49},[655],{"text":656,"type":597},"Silicon-graphite blended active anode material (AAM) is expected to remain in market surplus through to 2038, however, as it is paired with high-nickel cathodes. Given the dominance of lithium iron phosphate (LFP) chemistry in the world’s largest EV battery market, China, this limits potential demand growth. Benchmark anticipates demand will grow faster from 2030 as ex-China, nickel-focused cell production accelerates.",{"type":592,"attrs":658,"content":659},{"textAlign":49},[660],{"text":661,"type":597},"Supply of silicon-graphite blended AAM is dominated by China, which is expected to continue leading supply in the years to 2030 as it ramps up production at existing assets.",{"type":592,"attrs":663,"content":664},{"textAlign":49},[665,670,676],{"text":666,"type":597,"marks":667},"To learn more about ",[668],{"type":669},"italic",{"text":671,"type":597,"marks":672},"Benchmark’s Graphite & Anode Service",[673,675],{"type":602,"attrs":674},{"href":604,"uuid":49,"anchor":49,"target":49,"linktype":605},{"type":669},{"text":677,"type":597,"marks":678},", submit your details below and our team will be in touch:",[679],{"type":669},{"type":681,"attrs":682},"blok",{"id":683,"body":684},"9622222b-a32d-4819-870c-dbba45b03dec",[685],{"id":686,"_uid":687,"component":688,"wrap_in_box":50,"redirect_url":689,"success_file":692,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":694,"show_on_intelligence":50},"57a99950-73f5-48be-98a4-7324c28e5d0b","i-5e21bcd3-7a93-4480-8b58-219e641fd933","ContentHubspotForm",{"id":547,"url":547,"linktype":690,"fieldtype":691,"cached_url":547},"story","multilink",{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":693},{},[],"The share of anode supply that includes silicon is expected to grow to over four times its 2022 level by 2035, according to the Benchmark Anode Service. By then, anode active materials containing silicon are forecast to account for 20% of AAM supply on a GWh basis.\n\nTraditional anodes are made from graphite, which is limited by the requirement for six carbon atoms per lithium ion. Silicon, by contrast, can store over four lithium ions per atom allowing for higher energy density as well as potentially faster charging times.",[697,706],{"slug":698,"name":699,"content":700},"shruti-kashyap","Shruti Kashyap",{"job_title":701,"image":702,"bio":704,"linkedin":705,"markets_covered":558},"Product Director - Graphite and Battery Chemicals",{"filename":703},"https://a.storyblok.com/f/287943243085208/852x854/ac0cb6825d/shruti-k.png","Shruti is the Product Director for graphite and battery chemicals at Benchmark Mineral Intelligence and has around two decades of experience in commodity analysis. Shruti previously worked at CRU as head of nitrogen analysis and has also worked with leading metals and mining companies, such as Peabody Energy and Anglo American, where she was responsible for analysis of coal and iron ore. Shruti has also worked with Ernst and Young where she was involved in strategy, valuations and due diligence analysis of mining and chemical companies. She has a Masters degree in Economics from Delhi University, India.\n","https://www.linkedin.com/in/shruti-kashyap/",{"slug":544,"name":543,"content":707},{"job_title":557,"image":708,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},"article","Silicon-based anode supply to grow alongside nickel cells to 2035",[712,714,717],{"slug":713,"name":261},"anode",{"slug":715,"name":716},"silicon-anode","Silicon Anode",{"slug":718,"name":719},"battery-technology","Battery Technology","public",{"id":645,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":646,"copyright":547,"fieldtype":553,"meta_data":722,"is_external_url":50},{},{"id":724,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":725,"copyright":547,"fieldtype":553,"meta_data":726,"is_external_url":50},129065288906336,"https://a.storyblok.com/f/287943243085208/1715ca01b7/bm-battery-anode-picture-2.jpg",{},"The share of anode supply that includes silicon is expected to grow to over four times its 2022 level by 2035, according to the Benchmark Anode Service.","Apr 15, 2026",{"id":730,"uuid":731,"name":732,"slug":733,"full_slug":734,"content":735},146024777158886,"ee4cc049-cf29-4401-bf04-2a1cd938de91","US to increase tariffs on Chinese anode producers to 205%","us-to-increase-tariffs-on-chinese-anode-producers-to-205-","article/us-to-increase-tariffs-on-chinese-anode-producers-to-205-",{"_uid":736,"date":737,"tags":738,"editor":746,"content":756,"excerpt":919,"featured":51,"reporter":920,"component":709,"seo_title":732,"categories":924,"visibility":947,"author_company":547,"data_vis_image":948,"featured_image":952,"seo_description":919,"author_full_name":547,"author_job_title":547,"formattedDate":956},"d755be25-e6b4-4b1b-8c88-8a7afbe0341a","2026-02-17 00:00",[739,742,745],{"slug":740,"name":741},"china","China",{"slug":743,"name":744},"tariffs","Tariffs",{"slug":573,"name":574},[747],{"slug":748,"name":749,"content":750},"didi-bostock","Didi Bostock",{"job_title":751,"image":752,"bio":754,"linkedin":755},"Editor - Energy Transition & Economics",{"filename":753},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":589,"content":757},[758,771,780,785,790,871,876,881,886,891,897,902,907,912,917],{"type":592,"attrs":759,"content":760},{"textAlign":49},[761,763],{"text":762,"type":597},"The US Department of Commerce (DOC) issued final affirmative determinations in its anti-dumping (AD) and countervailing duty (CVD) investigations into Chinese active anode materials (AAM) used in lithium-ion batteries. The ruling imposes a minimum anti-dumping duty of 93.5% on selected Chinese producers, and a minimum countervailing duty of 66.82% applies to certain named firms. ",{"text":764,"type":597,"marks":765},"This follows an initial verdict initially announced in July 2025 that put the CVD at 11.58%. ",[766],{"type":602,"attrs":767},{"href":768,"uuid":769,"anchor":49,"target":770,"linktype":690},"/article/chinese-aam-imports-into-the-us-face-160-tariff-following-antidumping-investigation-ruling","e291a952-d0e9-450d-a0a3-ba06479d1043","_blank",{"type":681,"attrs":772},{"id":773,"body":774},"16233cb7-cf12-4d64-9bf5-fbb09464e5a2",[775],{"id":776,"_uid":777,"type":778,"component":779,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27678551","i-67af1341-f6a8-4779-a5ae-b7b758c215dd","visualisation","ContentFlourish",{"type":615,"attrs":781,"content":782},{"level":617,"textAlign":49},[783],{"text":784,"type":597},"Tariff rate",{"type":592,"attrs":786,"content":787},{"textAlign":49},[788],{"text":789,"type":597},"When existing tariffs are added, a 25% Section 301 tariff and a combined 20% IEEPA tariff and reciprocal, the total effective minimum tariff reaches at least 205%. The minimum 93.5%AD tariff rates applies to selected companies:   ",{"type":791,"content":792},"bullet_list",[793,801,808,815,822,829,836,843,850,857,864],{"type":794,"content":795},"list_item",[796],{"type":592,"attrs":797,"content":798},{"textAlign":49},[799],{"text":800,"type":597},"BTR New Material Group Co., Ltd.  ",{"type":794,"content":802},[803],{"type":592,"attrs":804,"content":805},{"textAlign":49},[806],{"text":807,"type":597},"Huzhou Kaijin New Energy Technology Corp., Ltd. ",{"type":794,"content":809},[810],{"type":592,"attrs":811,"content":812},{"textAlign":49},[813],{"text":814,"type":597},"Guizhou Zhongke Shinzoom Co., Ltd. ",{"type":794,"content":816},[817],{"type":592,"attrs":818,"content":819},{"textAlign":49},[820],{"text":821,"type":597},"Jiangxi Zichen Technology Co., Ltd. ",{"type":794,"content":823},[824],{"type":592,"attrs":825,"content":826},{"textAlign":49},[827],{"text":828,"type":597},"Henan Yicheng New Energy Co., Ltd ",{"type":794,"content":830},[831],{"type":592,"attrs":832,"content":833},{"textAlign":49},[834],{"text":835,"type":597},"Ningbo Shanshan New Material Technology Co., Ltd. ",{"type":794,"content":837},[838],{"type":592,"attrs":839,"content":840},{"textAlign":49},[841],{"text":842,"type":597},"Fujian Shanshan Technology Co., Ltd. ",{"type":794,"content":844},[845],{"type":592,"attrs":846,"content":847},{"textAlign":49},[848],{"text":849,"type":597},"Sichuan Shanshan New Material Co., Ltd. ",{"type":794,"content":851},[852],{"type":592,"attrs":853,"content":854},{"textAlign":49},[855],{"text":856,"type":597},"Inner Mongolia Shanshan Technology Co., Ltd. ",{"type":794,"content":858},[859],{"type":592,"attrs":860,"content":861},{"textAlign":49},[862],{"text":863,"type":597},"Qingdao Qingbei Carbon Products Co., Ltd. ",{"type":794,"content":865},[866],{"type":592,"attrs":867,"content":868},{"textAlign":49},[869],{"text":870,"type":597},"PetroChina Daqing Petrochemical Company ",{"type":592,"attrs":872,"content":873},{"textAlign":49},[874],{"text":875,"type":597},"For all other companies higher 102.72% AD and 66.86% CVD rates apply, bringing the total effective tariff to 214.58%. However, these measures are not yet fully final. The US International Trade Commission (ITC) is scheduled to vote on 12 March 2026, with a final decision expected by the end of March.",{"type":615,"attrs":877,"content":878},{"level":617,"textAlign":49},[879],{"text":880,"type":597},"Tariff to protect the US domestic market",{"type":592,"attrs":882,"content":883},{"textAlign":49},[884],{"text":885,"type":597},"The immediate impact is a dramatic shift in cost competitiveness for material imported into the US. Before tariffs, Chinese natural graphite anode material carried a C1 cost of around $2,300 per tonne, and synthetic around $3,300 according to Benchmark’s Anode Service, roughly 30% cheaper than US equivalents, which stand at about $3,300 for natural and $4,700 for synthetic.",{"type":592,"attrs":887,"content":888},{"textAlign":49},[889],{"text":890,"type":597},"With a 205% tariff applied, Chinese costs increase to ~$7,000 per tonne for natural graphite and $10,000 for synthetic, more than double US production costs. ",{"type":681,"attrs":892},{"id":773,"body":893},[894],{"id":895,"_uid":896,"type":778,"component":779,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27678642","i-3b52853b-e8de-4c40-ad90-704dee329395",{"type":615,"attrs":898,"content":899},{"level":617,"textAlign":49},[900],{"text":901,"type":597},"Tariffs amid slowing trade",{"type":592,"attrs":903,"content":904},{"textAlign":49},[905],{"text":906,"type":597},"Trade flows for anode materials have already weakened amid broader tensions. Chinese synthetic graphite exports to the US fell from 74kt in 2024 to 59kt in 2025. Natural graphite exports declined even more sharply, from 30kt to just 8kt. The downward trend is expected to continue pending the ITC’s final ruling reinforcing the US’s strategic push to reduce reliance on Chinese battery materials.",{"type":615,"attrs":908,"content":909},{"level":617,"textAlign":49},[910],{"text":911,"type":597},"The US domestic anode market",{"type":592,"attrs":913,"content":914},{"textAlign":49},[915],{"text":916,"type":597},"The US domestic capacity is set to expand in coming years. US natural graphite capacity is expected to reach roughly 25ktpa in 2026, with Kellyton commencing operations this year, and potentially rising fivefold to 120ktpa as projects such as Graphite One and Vidalia Phase 2 come online. Synthetic capacity is forecast to reach 8.2ktpa in 2026 with Novonix Riverside, and potentially 150ktpa by 2036 as Graphite One, Epsilon and Anovion develop. Despite this there will still be a need for imports from China, with producers taking a hit on higher prices. ",{"type":592,"attrs":918},{"textAlign":49},"The US Department of Commerce (DOC) issued final affirmative determinations in its anti-dumping (AD) and countervailing duty (CVD) investigations into Chinese active anode materials (AAM) used in lithium-ion batteries. ",[921],{"slug":544,"name":543,"content":922},{"job_title":557,"image":923,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},[925,926,929,930,933,936,939,942,944],{"slug":713,"name":261},{"slug":927,"name":928},"batteries","Batteries",{"slug":718,"name":719},{"slug":931,"name":932},"ess","ESS",{"slug":934,"name":935},"ev","EV",{"slug":937,"name":938},"geopolitics","Geopolitics",{"slug":940,"name":941},"gigafactories","Battery & Gigafactory",{"slug":943,"name":189},"natural-graphite",{"slug":945,"name":946},"synthetic-graphite","Synthetic Graphite","private",{"id":949,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":950,"copyright":547,"fieldtype":553,"meta_data":951,"is_external_url":50},146025907530677,"https://a.storyblok.com/f/287943243085208/793x651/4e34501335/screenshot-2026-02-17-124657.png",{},{"id":953,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":954,"copyright":547,"fieldtype":553,"meta_data":955,"is_external_url":50},146024858626896,"https://a.storyblok.com/f/287943243085208/2560x1920/f9ae0a258d/us-department-of-commerce.avif",{},"Feb 17, 2026",1783093207385]